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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For February 10, 2004                                                 Commission File Number: 1-15226

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ENCANA CORPORATION
(Translation of registrant’s name into English)

1800, 855 — 2^nd Street SW
Calgary, Alberta, Canada T2P 2S5
(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F                   Form 40-F   ü  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1):                                     

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7):                                     

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes                   No   ü  

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                                     

This report furnished on Form 6-K shall be incorporated by reference into each of the Registration Statements under the Securities Act of 1933 of the registrant: Form S-8 No. 333-13956, Form S-8 No. 333-85598 and Form F-9 No. 333-98087.

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SIGNATURES
Form 6-K Exhibit Index
EnCana’s proved reserves grow 12 percent to 2.4 billion BOEs

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 10, 2004

 

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Form 6-K Exhibit Index

 

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EnCana’s proved reserves grow 12 percent to 2.4 billion BOEs

Organic production replacement exceeds 200%

Calgary, Alberta, (February 10, 2004) — EnCana Corporation (TSX & NYSE: ECA) continued its strong reserves and sales growth in 2003, adding 482 million barrels of oil equivalent (BOE) of proved reserves, net of royalties. The company achieved 203 percent production replacement, essentially all of which was the result of its successful 5,600 net well drilling program and positive revisions. Daily oil, natural gas and natural gas liquids sales increased by more than 9 percent to about 650,200 BOE, after royalties, from pro forma 2002 sales. All of EnCana’s proved reserves are based on reports prepared by independent qualified reserves evaluators.

“During EnCana’s second year of operations, we have increased the intrinsic value of each share. Achieving production replacement of more than two times resulted in reserves growth exceeding production growth — a very healthy outcome. This was achieved at a finding, development and acquisition cost of US$8.75 per BOE. Adding 1.7 trillion cubic feet of North American gas entirely through the drill bit is the clearest possible demonstration of the growth potential of our huge resource play assets,” said Gwyn Morgan, EnCana’s President & Chief Executive Officer.

IMPORTANT NOTE: EnCana’s 2003 year-end reserves and operating results follow U.S. protocols, which report reserves and sales on an after-royalties basis. Canadian protocols report sales and reserves on a before-royalties basis. See note 1 herein. All 2003 financial information contained in this news release is in U.S. dollars and is based on preliminary, unaudited financial results. All references to production, sales and financial information for full year 2002 in this news release text and tables for EnCana are presented on a pro forma basis as if the merger of PanCanadian Energy Corporation (“PanCanadian” or “PCE”) and Alberta Energy Company Ltd. (“AEC”) had occurred at the beginning of 2002. All results exclude EnCana’s former interest in Syncrude which was sold in 2003 and is treated as a discontinued operation.

EnCana reserves grow 12 percent in 2003

Entire reserves base fully evaluated externally

“At EnCana’s inception two years ago, we decided to adopt one of the predecessor company’s practices and have the entire reserve base of the merged company externally evaluated. This resulted in some downward revisions that were previously disclosed in our year-end 2002 reserves report, but also placed us on a very solid base going forward,” Morgan said.

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EnCana’s 2003 reserves growth was concentrated primarily in North America, which contains about 90 percent of the company’s reserves and production. Approximately 60 percent of the reserves additions were North America natural gas. Major areas of reserves growth were in the Jonah and Mamm Creek gas fields in the U.S. Rockies, the Greater Sierra and Cutbank Ridge properties in northeast British Columbia and in coalbed methane lands and oilsands in eastern Alberta. Consistent with its practice of not booking proved reserves until commercial development is proceeding, the company has not booked any proved reserves from its discoveries in the Gulf of Mexico or off the East Coast of Canada.

Proved undeveloped reserves represent 39 percent of total proved reserves. This level of proved undeveloped reserves is consistent with EnCana’s resource play focus and production growth outlook. The undeveloped gas reserves are concentrated primarily in the U.S. Rockies and northeast B.C. resource plays, and can be developed with in-fill or step-out drilling. The undeveloped oil reserves are primarily at Foster Creek in Alberta and Buzzard in the U.K. central North Sea. The company plans to develop about 80 percent of its entire inventory of proved undeveloped reserves over the next three years. Future capital associated with proved undeveloped reserves is estimated at approximately US$5.55 per BOE, the sum of which would equate to about one year of EnCana’s typical capital program.

Finding, development and acquisition capital

2003 proved reserves reconciliation

Proved reserves categorization

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Finding, development and acquisition costs

2003 finding, development and acquisition capital includes expenditures on long lead time projects, offshore exploration and the Cutbank Ridge land acquisition. The finding, development and acquisition cost per BOE is calculated by dividing total capital expended on finding, development and acquisition activities by additions to proved reserves, before divestitures, which are the sum of revisions, extensions & discoveries and acquisitions. This calculation is commonly used in the U.S.

Independent qualified reserve evaluators

2003 oil and natural gas sales up more than 9 percent, after royalties

Sales increases led by U.S. Rockies, Ecuador and SAGD production

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Fourth quarter 2003 sales up 13 percent from 2002, after royalties

EnCana sales highlights — U.S. protocols

Canadian protocol reporting

EnCana sales highlights — Canadian protocols

EnCana 2003 financial results scheduled for February 26

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NOTE 1: EnCana financial results in U.S. dollars and operating results according to U.S. protocols

EnCana Corporation

ADVISORY REGARDING RESERVES DATA AND OTHER OIL AND GAS INFORMATION — The reserves and other oil and gas information contained in this news release has been prepared in accordance with U.S. disclosure standards, in reliance on an exemption from the Canadian disclosure standards granted to EnCana by Canadian securities regulatory authorities. Such information may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 (NI 51-101). The reserves quantities disclosed in this news release represent net proved reserves calculated on a constant price basis using the standards contained in U.S. Securities and Exchange Commission Regulation S-X and FAS 69.

The primary differences between the U.S. requirements and the NI 51-101 requirements are that (i) the U.S. standards require disclosure only of proved reserves, whereas NI 51-101 requires disclosure of proved and probable reserves, and (ii) the U.S. standards require that the reserves and future net revenue be estimated using constant prices and costs, whereas NI 51-101 requires disclosure of proved reserves and the associated future net revenue on a constant basis and of proved and probable reserves and the associated future net revenue on a forecast basis. The definitions of proved reserves also differ, but according to the Canadian Oil and Gas Evaluation Handbook (the reference source for the definition of proved reserves under NI 51-101) differences in the estimated proved reserve quantities based on constant prices should not be material. EnCana concurs with this assessment.

In this news release, certain natural gas volumes have been converted to BOEs on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6Mcf:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent equivalency at the well head.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS — In the interests of providing EnCana shareholders and potential investors with information regarding EnCana, including management’s assessment of EnCana’s and its subsidiaries’ future plans and operations, certain statements contained in this news release are forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this news release include, but are not limited to: future economic performance (including per share growth); anticipated life of proved reserves;

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anticipated production growth; anticipated development of undeveloped reserves over the next three years; potential capital expenditures and investment; potential oil and gas sales in 2004; potential growth of resource plays and references to potential exploration. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the company’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: volatility of oil and gas prices; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in the company’s marketing operations, including credit risks; imprecision of reserves estimates and estimates of recoverable quantities of oil, natural gas and liquids from resource plays and other sources not currently classified as proved or probable reserves; the company’s ability to replace and expand oil and gas reserves; its ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the company’s ability to secure adequate product transportation; changes in environmental and other regulations; political and economic conditions in the countries in which the company operates, including Ecuador; the risk of war, hostilities, civil insurrection and instability affecting countries in which the company operates and terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions made against the company; the risk that the anticipated synergies to be realized by the merger of AEC and PCE will not be realized; costs relating to the merger of AEC and PCE being higher than anticipated and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by EnCana. Although EnCana believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive.

Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and EnCana does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Further information on EnCana Corporation is available on the company’s Web site, www.encana.com, or by contacting:

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